FTX’s Former Lead Engineer Nishad Singh Eyes Deal With SDNY Prosecutors

Summary:

• Nishad Singh met with U.S. federal prosecutors to discuss a cooperation deal last week, Bloomberg reported.
• The ex-chief coder at FTX was the latest and third member of Sam Bankman-Fried’s ‘inner circle’ to engage investigators over a possible plea deal.
• FTX co-founder Gary Wang and former CEO of Alameda Research Caroline Ellison admitted to fraud and other criminal charges in later December 2022.

Another SBF lieutenant looks to jump off the sunken FTX ship as prosecutors prepare for a mammoth criminal trial against the disgraced crypto tycoon.&

The former FTX lead engineer, Nishad Singh, met with federal prosecutors from the South District of New York (SDNY) to discuss the crash of the crypto exchange and Sam Bankman-Fried’s political donations.&

According to Bloomberg, SDNY investigators conducted a proffer session with Singh sometime last week. Proffer sessions are used by prosecutors to assess the information a potential witness might provide. These talks are commonly held under the umbrella of limited immunity, although proffer sessions are not a surefire method for securing cooperation deals.&

Citing sources familiar with the matter, details on Sam Bankman-Fried’s donations to political candidates were reportedly discussed by Singh and U.S. federal prosecutors. Indeed, Singh’s testimony could prove key in proving or discrediting charges of campaign finance violations filed about the fallen FTX founder SBF.&

Data from the Federal Election Commission showed that Bankman-Fried donated at least $42 million to bipartisan candidates. Complaints and charges lodged by U.S. prosecutors alleged that customer funds might have been used to finance these political donations.&

FTX Inner Circle Flip On Sam Bankman-Fried

Singh became the third member of Bankman-Fried’s so-called “inner circle” to meet with U.S. Attorneys. In late December 2022, ex-CEO of Alameda Research Caroline Ellison pleaded guilty to fraud as part of a plea deal. FTX Co-Founder Gary Wang was also cooperating with prosecutors, per reports.&

Daniel Friedberg, a former chief regulatory officer of the crippled crypto exchange, shared inside information on SBF’s crypto empire in November. Brett Harrison who served as president of FTX U.S. until September 2022, also promised to disclose insider info “in time”.&

Sam Bankman-Fried’s trial is scheduled for October 2023. Prosecutors indicted SBF on eight criminal charges including fraud and money laundering.  In response, Bankman-Fried pleaded not guilty to all eight charges.

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